Germany July import prices +0.2% m/mPrior -0.7%Germany July import prices +6.8% y/yPrior +6.1%
Import prices in Germany continue to pick up, with the annual estimate now rising to 6.8%. The main culprit continues to be energy prices, which has surged higher compared to last year due to the US-Iran conflict. But even so, we are seeing spillover impact to the likes of raw materials and metals. So, that is also raising overall import prices compared to a year ago.
Even if excluding energy prices, German import prices in July this year are still seen up 4.8% compared to July last year. And on the month itself, import prices are up 0.1% in July compared to June after excluding energy prices.
For some context, import prices for energy are up 26.4% compared to a year ago and import prices for the likes of non-ferrous metals and their semi-finished products are up 26.0% compared to a year ago. So, those are two key categories in which are seeing a major discrepancy to how conditions were last year.
Looking at the monthly breakdown, we can see import prices for:
Intermediate goods -0.5%Energy +1.3%Capital goods +0.4%Consumer goods +0.2%Agricultural goods +2.3%
This article was written by Justin Low at investinglive.com.